The holes are a mystery to me.

Adding to Rich's thoughts, you should consider mystery shopping similar, nearby properties to strengthen you comps inlcuding viability of RUBS or calling if visit not reasonable.  

Windows do not mysteriously crack due to cold.

So much of the mystery of the process is gone and I'm a lot more confident about the process.

If this mystery person bought an SFR in Los Angeles in 2009 I'm sure they've made more than 200% if you look at their down payment and juxtapose that with the increase in equity.

Solid credit, solid financial, solid business plan.... mysterious blocks to underwriting.Private B2B loan underwriting is a cresting wave. 

I'd ask in an email just to verify since you're the new landlord.They'll either say they own them at which point they can own the repairs...or it'll be crystal clear that you own them in case they mysteriously disappear at move out.In terms of repairs/vs replace....I'd replace.

if the defendant said it was out of his control the judge sent him to prison for contempt, until he was mysteriously able to gain control.

I like Matthews ideas above, and you may have to limit your scale and take some of the mystery out of it, like with simple buy and holds that pencil out well..

@John Arendsen  no mystery to CF on the debt side they are just HML  and if you equate it to CA lending rules were your allowed to fractionlize DT's they are basically doing the same thing pooling investors into a debt instrument. . they get rewarded with the points and servicing fee's.